Question: Please answer this with explanation, thanks Question 4 (1' points) A person's utilityr function is of the form U[x,}r) = 5x32 The prices of good

Please answer this with explanation, thanks

Please answer this with explanation, thanks Question 4 (1' points) A person's

Question 4 (1' points) A person's utilityr function is of the form U[x,}r) = 5x32 The prices of good it and y are px = $4 and p5, = $2, respectively. The person's income is $1200. 1. What quantities of x and 3; should the consumer purchase to maximize his utility?I (2 points) 2. Explain whether each of the two goods is normal or inferior. (2 points) 3. Derive the Engel curve for 1:. Draw it. (3 points)

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